Europe's banks - exposed to these losses - will have to find more capital.
Even if the investment-trust company can find more capital, it will still have to pay back much of the 3.1 trillion won it has borrowed against investors' deposits by the end of this year.
The Chinese banks have time to find more capital because the loans being made this year will not go bad for some time--and because investors are unconcerned that questionable loans are being rolled over with the approval of Beijing's look-the-other-way regulators.
They have far too much to do at home: double the size of their business every five years or so, avoid bad debts, find more capital, cope with rapidly shifting patterns of corporate lending, bring banking to millions of poor people and deal with the politicians.
Those that have had very public embarrassments may find it more difficult to attract fresh capital.
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It is also likely that GE Capital will find it more expensive to borrow for some time to come.
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Goldman Sachs directly decided it would find more profitable ways to deploy its excess capital than dividend hikes, one of which included buying back its shares owned by the Oracle of Omaha, Warren Buffett.
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And more domestic capital is likely to find its way into safer havens.
What happens when banks find it more expensive to borrow or to issue equity capital?
Moreover, if banks in the weaker eurozone countries that are already struggling to find enough capital are forced to write off even more loans they have made - something that becomes more likely if the eurozone economy falls deeper into recession - they will become weaker still, undermining confidence in the entire banking system.
In a global marketplace, U.S. firms may find it easier to do business elsewhere, investing their capital in more business-friendly nations.
Britain may find itself being ordered by a European banking regulator to inject yet more capital into the bank, despite its negligible exposure to Greece and other peripheral countries, because of stress tests designed to shore up the financial system in the euro-zone.
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For 2007, with funds' old capital losses now completely exhausted, investors will find taxes even more of a burden.
If the U.S. doesn't adopt the flat tax it may find itself losing jobs, capital and ambitious entrepreneurs to nations with a more ambitious growth agenda.
If the only way to create more wealth was to shed more sweat, then capital was unnatural, the attempt to find fertility where only barrenness could exist.
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The SEC does not want to replace its own accounting blueprint, but it wants to find common ground between the two in order to make international capital flows more efficient.
Specifically, people who are able will find ways to move compensation from ordinary income to capital gains if the latter is taxed more favorably.
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If strategies are available to get more monthly income with no risk or requirement to add capital, why not find the loophole and take advantage of it?
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And with minimal capital available for new stores, Miller and Sammons have to find a way to squeeze more out of the same square footage.
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